IdeaForge Technology IPO Subscribed 13.27 Times On Day 2
The IPO had been subscribed 13.27 times as of 5:00 p.m. on June 27.

IdeaForge Technology Ltd. initial public offering was subscribed 3.69 times on the first day, the bidding led by retail investors 12.48 times.
The company plans to raise a total of Rs 567 crore, of which Rs 240 crore will be raised through a fresh issue through the IPO that was launched on June 26.
Issue Details
Issue Opens: June 26
Issue closes: June 29
Total Issue Size: Rs 567 crore
Face Value: Rs 10 per share
Fresh Issue: Rs 240 crore
Offer for Sale: Rs 327 crore
Shares for OFS: 48,69,712 shares
Price Band: Rs 638–672 per share
Lot Size: 22 shares
Listing: BSE and NSE
The fresh issue of shares dropped to Rs 240 crore from an initial amount of Rs 300 crore after the company raised Rs 60 crore by issuing 8.92 lakh shares in a pre-IPO placement.
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Use of Proceeds
The funds raised will be used for the following purposes by the company:
Repayment/prepayment of certain indebtedness availed by the company: Rs. 50 crore.
Funding working-capital requirements: Rs 135 crore.
Investment in product development: Rs 40 crore.
General corporate purposes.
Subscription Status: Day 2
The IPO had been subscribed 13.27 times as of 5:00 p.m. on June 27.
Institutional investors: 1.34 times
Non-institutional investors: 21.59 times
Retail investors: 36.36 times
Employee reserved: 26.26 times